Verisk, a global data analytics and technology provider, has partnered with fraud prevention specialist Legentic to introduce two advanced tools on its ClaimSearch® platform in the U.S.
These tools aim to help insurers detect suspicious online marketplace activity linked to stolen or total loss assets and streamline the recovery of legitimately stolen property post claim-payout, according to FF News.
Insurance fraud in the U.S. costs consumers $308.6bn annually, driving the need for faster, more automated investigative solutions.
ClaimSearch users can now monitor digital marketplaces continuously, automate investigative workflows, and improve claim outcomes with minimal IT setup.
Legentic’s technology, already used by major European insurers, will now scale across the U.S., strengthening fraud detection and asset recovery capabilities.
Verisk chief product officer, Anti-Fraud Analytics Jeff Ryan said, “Insurance fraud and theft continue to grow in sophistication, and we’re committed to equipping the industry with cutting-edge tools to help minimise financial exposure and operational strain. Through seamless integration with ClaimSearch, this launch delivers automated access to previously hard-to-find, critical data points. These insights help empower insurers to identify fraud earlier, recover assets faster and drive more efficient claim outcomes.”
Legentic CEO Ron Vermeulen added: “We are thrilled to partner with Verisk, especially given the surge in complex insurance fraud and theft cases we’ve seen in the U.S. Our proven success in Europe has demonstrated the power of advanced analytics in combating these challenges. This collaboration marks a significant step forward in expanding our automation capabilities to help U.S. insurers manage risk, enhance operational efficiency and protect policyholders.”
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